Fundamentals of Economics

Q 1. The average _________ and output have inverse functional relationship.

(A) fixed cost
(B) variable cost
(C) marginal cost
(D) total cost
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Q 2. Law of Variable Proportions was developed by _____________

(A) Alfred Marshall
(B) Adam Smith
(C) Robbins
(D) Jacob
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Q 3. Production creates _________ utility.

(A) Place
(B) Time
(C) Form
(D) Possession
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Q 4. If the proportionate change in the supply is equal to the proportionate change in price, it is said to be _______ supply.

(A) Unitary Elastic
(B) Perfectly Inelastic
(C) Perfectly Elastic
(D) Relatively Inelastic
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Q 5. ______ means the desire backed by the necessary purchasing power.

(A) Consumption
(B) Production
(C) Investment
(D) Demand
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Q 6. Income minus Savings is equal to ___________

(A) Consumption
(B) Production
(C) Investment 11
(D) Demand
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Q 7. Wealth was defined by

(A) Alfred Marshall
(B) Adam Smith
(C) Robbins
(D) Jacob
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Q 8. In India, Central Bank was established in _________

(A) 1945
(B) 1955
(C) 1935
(D) 1965
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Q 9. __________ account can be opened by business persons only.

(A) Current Deposit
(B) Savings Deposit
(C) Fixed Deposit
(D) Recurring Deposit
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Q 10. Quantity Theory of Money was explained by ___________

(A) Fisher
(B) Keynes
(C) Crowther
(D) Samuelson
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